New Delhi, Jan 14
Three Indian banks -- HDFC Bank, ICICI Bank, and the State Bank of India (SBI) -- ended the fourth quarter (Q4) of 2024 at the 13th, 19th, and 24th spots in the top 25 global banks by market capitalisation, respectively, according to a new report.
While HDFC Bank ended Q4 2024 with $158.5 billion in market cap, ICICI Bank had a market cap of $105.7 billion, and the SBI, $82.9 billion, according to a report by GlobalData, a leading data analytics and research company.
Indian banks demonstrated resilience, with ICICI Bank emerging as a standout performer, with its market cap growing by 25.8 per cent to $105.7 billion, highlighting the strength of India’s expanding digital banking and credit ecosystem.
However, HDFC Bank’s market cap recorded a 1.6 per cent increase to $158.5 billion, due to rising competition and cost pressures.
The aggregate market capitalisation of the top 25 global banks increased by 27.1 per cent year-on-year (YoY), reaching $4.6 trillion in the fourth quarter (Q4) ended December 31, compared to the same period ended December 31, 2023.
JPMorgan Chase continues to remain the world’s largest bank by market cap, recording an increase of 37.2 per cent to $674.9 billion by the end of Q4 2024.